Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. b. fell and c. otto share income on a 7 : 3 basis.

B. Fell and C. Otto share income on a 7 : 3 basis. They have...

70.2K

Verified Solution

Question

Accounting

B. Fell and C. Otto share income on a 7 : 3 basis. They have capital balances of $95,000 and $65,000, respectively, when D. Santo is admitted to the partnership.

Instructions Prepare the journal entry to record the admission of D. Santo under each of the following assumptions. (a) Investment of $80,000 cash for a 30% ownership interest with bonuses to the existing partners. (b) Investment of $45,000 cash for a 30% ownership interest with a bonus to the new partner.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Physics
1.2K views

80 railway wagons all of same mass 5 x 10 kg are pulled by an...

Geometry
1.2K views

The Venn diagram below shows the number of students in Mrs Crane s homeroom who...

Basic Math
1.2K views

is tangent to circle P at point K Find the measure of ZJPK Note the...

Statistics
1.2K views

Click the icon to view the data table for election heights Construct a scatterplot Choose...

Calculus
1.2K views

Pretend it s 1980 and you want to secretly test how much a sprinter s...

Algebra
1.2K views

35 x 2 2

Accounting
1.2K views

What are 3 limitations of ARR? what are 3 limitations of PBP?

Accounting
1.2K views

Raphael Corporations common stock is currently selling on a stock exchange at $162 per share,...

Accounting
1.2K views

(12-5) Long-Term Financing Needed At year-end 2023, Wallace Landscaping's total assets, all of...

Accounting
1.2K views

do companies prefer to account for leases as operating leases or capital leases. What difference...

Accounting
1.2K views

Compute Rundle's return on investment for Year 2. Recompute Rundle's ROI under each of the...

Accounting
1.2K views

Listed here are data for five companies. These data are for the companies 2019 fiscal...